Shanxi made a breakthrough in 2000 in getting more companies listed and raising more money via securities. Last year, 4 companies issued new shares; of the listed companies, 8 rationed shares among existing stockholders, and one increased equity capital. All in all a total of 6.5 billion yuan (including the risk capital of candidate enterprises to be listed on Growth Enterprise Market) had been raised, placing Shanxi within the ranks of top ten in the country. Up to date, the total market capitalization is 10.9 billion yuan. The gross output value of Shanxi’s listed companies reached 69.1 billion yuan, accounting for 43 ％of the provincial GNP. Generally speaking, five points characterize Shanxi’s listings and capital market: 1) A regional capital market has shaped, and is gaining ever more momentum in fund－raising; 2) Financing through securities has become a sort of force driving the process of industrial structure; 3) The listed companies comprise all the important sectors —coal,metallurgical, chemical, and construction material industries—of the province, becoming the main channel of attracting fund; 4) The provincial securities intermediaries are in good shape, and the infrastructure of bourses has been upgraded; and 5) Key breakthroughs have been made in securities innovation, a catalyst for “Finance Innovation,”one of the “Five Innovations”initiated by the provincial authorities.
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